Form 27EQ

Form 27EQ is for TCS returns. Tax Collected at Source (TCS) can be defined as the income tax collected by the seller from payer on the sale of certain items in India. Rates are specified at which tax is collected.

Tax collected should be mention in Form 27EQ under section 206 of the Income Tax Act.

It is the duty of the employer, to issue a certificate which is a proof that TDS is deducted by the employer. The details of TCS should be mentioned in Form 27EQ while filing TDS returns quarterly.

 Characteristics of Form 27EQ

  • TCS is tax collected at source and deducted by the payer.
  • Form 27EQ is u/s 206 of the Income Tax
  • TCS is collected on Quarterly.
  • TAN is the most important information to be mentioned in the form.
  • The government employer has to mention ‘PANNOTREQD’.
  • The non-govt employer has to mention their PAN in their form.

Due Dates


: Since, these rules apply from 1st June 2016,

  • The statement for quarter ending on 31st March 2016 has to be submitted by 15th
  • There is no change in the due date of 15th May for the quarter that ended on 31st March 2016.

When TCS is deposited without challan

  • If TDS is deposited without challan, the concerned person will issue a Form 24G to the agency authorized by the Principal Director of income tax (systems).
  • Form 24G should be issued within 15 days from the end of the relevant month.
  • If Form 24G is issued in March, it must be submitted on or before 30th April.
  • Form 24G must be issued as:
  1. Electronically under digital signature;
  2. Electronically with verification in Form 27A or;
  3. Verified through an electronic process as mentioned in sub rule (4B).
  • The concerned person in the income tax department should be informed about the Book Identification number. This number was generated to each of the employer or deductor.

In case you are confused about TDS Return Filing as a deductor, feel free to consult the experts at LegalRaasta. You can get comprehensive assistance with our TDS Return Filing Software which supports TDS on Salary payments (Form 24Q), Rent, Interest, Commission and other Non-salary transactions (Form 26Q), NRI (Form 27Q)and TCS (Form 27EQ).